Egypt's government and private sector signed several agreements with international development partners on Sunday, including two renewable energy deals worth a combined $1.6bn, at a conference aimed at boosting private sector-led growth. The agreements were signed in the presence of Egyptian Prime Minister Mostafa Madbouly during the "Development Finance to Foster Private Sector-Led Growth & Jobs" conference, which was organised by the Ministry of Planning, Economic Development and International Cooperation. Madbouly reiterated the state's efforts to support and enhance the role of the private sector in the economy, describing it as a key driver of growth. He affirmed the government's commitment to implementing its national programme for structural reforms. The signed agreements included the financial closure for the 1-gigawatt "Obelisk" solar power station, which includes 200 megawatt-hours of battery storage. The project, being developed by Norway's Scatec with a total investment of $600m, is part of the energy pillar of Egypt's "NWFE" programme. The agreement was signed by representatives from Scatec, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), the African Development Bank (AfDB), and the National Bank of Egypt (NBE). A separate Power Purchase Agreement was signed for the 900-megawatt "Shadwan" wind energy project, also being developed by Scatec in Ras Ghareb. The project represents a total foreign direct investment of about $1bn and is also part of the "NWFE" programme. The agreement was signed by Scatec and the Egyptian Electricity Transmission Company (EETC). Other agreements included: * A financing agreement between the International Finance Corporation (IFC) and the UAE's AMEA Power to support Egypt's first utility-scale battery energy storage project, which is part of the Abydos solar project under the "NWFE" programme. * A 21-million-euro investment grant agreement for the Sustainable Green Industries project between the planning ministry and the European Investment Bank (EIB). * A cooperation agreement between the planning ministry and the Federation of Egyptian Banks to enhance access to development partner services through the "Hafiz" platform for private sector support. During the conference, Planning Minister Rania Al-Mashat also signed an agreement with representatives of 12 chambers of commerce, business associations, and the Federation of Egyptian Industries to promote the "Hafiz" platform. The ministry launched "Hafiz" as a digital portal to connect businesses with financial and technical support from development partners. The platform now offers over 90 services from 44 partners and has attracted nearly 18,000 users since its launch in December 2023, according to the ministry.
